CoinDesk reports:
Interoperable blockchain project Polkadot (DOT) has allocated significant funds towards outreach and marketing efforts.
According to the project’s latest financial report, $37 million was spent in the first half of 2024 to bolster interest in the Polkadot ecosystem.
“$37 million was allocated to ‘outreach’. But what do we mean by that? Under outreach, we categorize every expenditure aimed at attracting new users, developers, and enterprises into the ecosystem. This includes advertising and media, online and offline community building and activities, as well as major conferences and business development. Some subcategories fall under this, such as advertising and events…
In summary, advertising comprises half of the outreach efforts ($21 million). Sponsorships ($10 million) include a $1 million DOT (approximately $6.8 million) sports sponsorship agreement with a prominent football club, sponsorship of race car driver Conor Daly ($1.9 million), and a recent partnership with esports organizer HEROIC ($1.3 million).
Influencers ($4.9 million) were secured through agencies like EVOX ($2.2 million), Moon Strategies ($1.3 million), Chainware ($490,000), and Unchained ($460,000). Digital advertising ($4 million) was deployed through CoinMarketCap ($1 million) and EVOX ($900,000).”
According to developers, the treasury’s resources are derived from “DOT tokens collected through transaction fees and regular network operations,” and “any DOT holder can submit treasury expenditure proposals to support projects and activities beneficial to the network.”
At the time of writing, Polkadot’s trading price is $6.39, marking a more than 1% increase over the past 24 hours.
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